15 Fastest Growing States in the US
In this article, we will look into the 15 fastest growing states in the US. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Growing States in the US.
Growth Trends Across the US
Population trends are reverting to pre-pandemic levels in the United States. According to the US Census Bureau, annual deaths decreased in 2022 and migration patterns returned to pre-pandemic levels. These factors are the key drivers of the population growth in the US. Population in the country increased by 1.6 million people in 2022, expanding by 0.5%, to a total population of 334,914,895.
The South is the most populous region of the country, accounting for 87% of the growth in 2023. The region gained more than 1.4 million people, increasing the total population to 130,125,290. The growth in 2023 was driven by the South's migration patterns, with an increase of 706,266 people via domestic migration, while international migration added nearly 500,000 to the total population in the region. On the other hand, the population surge in the West was slower than in 2022. The population in the region expanded by 137,299, compared to 157,480 people in 2022. Population in California, Oregon, and Hawaii continued to decline but at a modest pace as compared to 2022. The Northeast experienced a decline in 2023 but at a slower pace as compared to the decline in 2022 and 2021. The population levels plunged by 43,330 in the Northeast, compared to a 216,576 decline in 2022. This can be attributed to a significant decline in outmigration to other regions. New York and Pennsylvania experienced population loss in the region, but the decline was significantly lower, compared to 2022.
In 2023, more states experienced a population surge that has been observed since the start of the pandemic. A total of 42 states and the District of Columbia witnessed a population rise, an uptick from 31 states and the District of Columbia in 2022. These growth trends across the US states represent the national decline in deaths, an upsurge in international migration patterns, and a decrease in total domestic outmigration in some states.
Aging Population - Key Driver of the Healthcare Market
The growing population trend, driven by a decrease in annual deaths, is raising the aging population in the country. The increase in the aging population is one of the key growth drivers of the US healthcare market. According to a report by the McKinsey and Company, the healthcare market in the US reached $654 billion in 2021. The market is anticipated to grow at a compound annual growth rate of 4% and reach $790 billion in 2026.
Some of the key players in the US healthcare market include Eli Lilly and Company (NYSE:LLY), Abbott Laboratories (NYSE:ABT), and Merck & Co., Inc. (NYSE:MRK).
Eli Lilly and Company (NYSE:LLY) is a leading healthcare company in the United States. As of January 26, the company has a market cap of $603.45 billion. On December 27, 2023, the company announced that it had completed the acquisition of a pharmaceutical company specializing in radioligand therapies in development for cancer treatment, POINT Biopharma Global Inc. Talking about the acquisition, Executive Vice President Jacob Van Naarden and President Loxo of Eli Lilly and Company (NYSE:LLY), said:
"Next generation radioligand therapies hold great promise for delivering meaningful advances against a range of cancers and we are excited to enter this space through the addition of POINT. We welcome POINT colleagues to Lilly and look forward to working together to build on their work as we create this new capability within Lilly. In time, I hope we can bring several new radioligand therapies to patients with cancer and improve their outcomes."
On January 4, the company announced the launch of its new digital healthcare platform for patients in the US, suffering from migraine, diabetes, and obesity, LilyDirect. The digital healthcare platform provides resources for disease management, including access to healthcare providers, customized support, and home delivery for certain medicines via third-party pharmacies. LilyDirect Solutions offers patients access to medications, affordability programs, and free shipping. The digital pharmacy platform aims to empower patients by providing them with educational resources, potential telehealth consultations, and a search tool to find healthcare providers.
Abbott Laboratories (NYSE:ABT) is a multinational medical devices corporation in the US. On January 24, the company reported its earnings for the fiscal fourth quarter of 2023. The company reported an EPS of $1.19, in-line with EPS estimates. Abbott Laboratories (NYSE:ABT) reported revenue of $10.24 billion and outperformed market estimates by $55.95 million. The company's revenue for the quarter grew by 1.49% on a year-over-year basis.
On January 25, the company announced that it had received approval from the US FDA for the launch of the world's smallest rechargeable deep brain stimulation (DBS) device, the Liberta RC DBS system. The system aims to treat people with movement disorders with the help of remote programming. The Liberta RC DBS system is nearly 31% smaller than other DBS devices currently available in the country and is approximately the same size as a smartwatch face. The system requires very few recharges and can operate for 37 days with one recharge. The Liberta RC DBS system also provides helpful notifications and tailored settings for users.
Merck & Co., Inc. (NYSE:MRK) is a major multinational pharmaceutical company in the US. On January 12, the company announced that the US FDA had approved Merck’s anti-PD-1 therapy, KEYTRUDA. The therapy will be used in combination with chemoradiotherapy for treating patients with the International Federation of Gynecology and Obstetrics (FIGO) 2014 Stage III-IVA cervical cancer. The therapy was approved based on the data from Phase 3 trials. The KEYTRUDA plus CRT exhibited an improved progression-free survival, decreasing the disease progression risk or fatality by 41%, compared to placebo plus CRT. On January 8, Merck & Co., Inc. (NYSE:MRK) announced that it had acquired Harpoon Therapeutics, Inc. (NASDAQ:HARP), through a subsidiary. The transaction is processed for $23 per share in cash for approximately $680 million in equity. The partnership aims to strengthen the company's oncology pipeline. With this context, let's have a look at the 15 fastest growing states in the US.
15 Fastest Growing States in the US Methodology
To compile our list of the fastest growing states in the US, we utilized the US Census Bureau database of state-wise population change. We have ranked the states based on the 2020 to 2023 population change and have also listed their 2023 population in their description. Our list ranks the states in ascending order of their population change.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Fastest Growing States in the US
15. Oklahoma
Change in Population (2020-2023): 2.4%
Oklahoma is ranked 15th on our list of the fastest growing states in the US. According to the US Census Bureau, the population in the state grew by 2.4% from 2020 to 2023. In 2023, Oklahoma reported a total population of 4,053,824.
14. Maine
Change in Population (2020-2023): 2.4%
Ranked 14th on our list, Maine reported a total population of 1,395,722 in 2023. The total population in the state has grown by 2.4% from 2020 levels.
13. Nevada
Change in Population (2020-2023): 2.9%
Nevada ranks 13th on our list. In 2023, the total population in Nevada reached 3,194,176. Nevada reported a population change of 2.9% from 2020 to 2023.
12. Georgia
Change in Population (2020-2023): 2.9%
Georgia is ranked 12th on our list of the fastest growing states in the US. According to the US Census Bureau, the population in the state grew by 2.9% from 2020 to 2023. In 2023, Georgia reported a total population of 11,029,227.
11. Tennessee
Change in Population (2020-2023): 3.1%
Tennessee is one of the fastest growing states in the US. In 2023, the state reported a population of 7,126,489. The total population in the state has grown by 3.1% in 2023 from 2020 levels.
10. South Dakota
Change in Population (2020-2023): 3.7%
South Dakota is ranked 10th on our list. The state reported a population change of 3.7% from 2020 to 2023. South Dakota has a total population of 919,318, as of 2023.
9. North Carolina
Change in Population (2020-2023): 3.8%
North Carolina is ranked among the fastest growing states in the US. According to the US Census Bureau, the population in the state grew by 3.8% from 2020 to 2023. In 2023, North Carolina reported a total population of 10,835,491.
8. Arizona
Change in Population (2020-2023): 3.8%
Ranked 8th on our list, Arizona reported a population of 7,431,344 in 2023. The state's total population has grown by 3.8% from 2020 to 2023, as reported by the US Census Bureau.
7. Delaware
Change in Population (2020-2023): 4.2%
Delaware is one of the fastest fastest growing US states. In 2023, the state reported a total population of 1,031,890. The total population in the state has grown by 4.2% from 2020 levels.
6. Utah
Change in Population (2020-2023): 4.5%
Utah is ranked 6th on our list of the fastest growing states in the US. According to the US Census Bureau, the population in the state grew by 4.5% from 2020 to 2023. In 2023, Utah reported a total population of 3,417,473.
Click to continue reading and see 5 Fastest Growing States in the US.
Suggested Articles:
Disclosure: None. 15 Fastest Growing States in the US is originally published on Insider Monkey.